Our key performance indicators

Genel measures its performance in line with our strategic objectives. Key Performance Indicators are the primary measures used to track our progress against our strategic aim of being a world-class creator of shareholder value through growing low-cost production in a socially responsible way.

Net 2p reserves

0 MMbbls

2023

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2022

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2021

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2020

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2019

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Definition

2P reserves are proven plus probable reserves.

Performance

Genel’s 2P working interest reserves totalled 89 MMbbls at the end of 2023. A positive 4 MMbbls revision of 2P reserves at the Tawke PSC offset the removal of 2.7 MMbbls of 2P reserves from the terminated Sarta PSC, with 4.5 MMbbls of production in 2023.

Relevance to strategy

Our strategy is to enhance the value of our existing 2P reserves through active reservoir management and cost-effective development. The Company also looks to replace 2P reserves through a combination of maturing contingent resource to commerciality, exploration for new sources of hydrocarbons, and M&A activity.

Dividends announced

$ 0 million

2023

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2022

target

2021

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2020

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2019

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Definition

The combined total distribution of the final and interim dividends announced in the calendar year.

Performance

Genel’s dividend programme paid over $200 million of dividends (72p per share) since inception in 2019, with a final dividend totalling 12¢ per share paid in 2023 (2022: 18¢ per share), a total distribution of $33.5 million. Due to the lack of visibility on the timing of pipeline exports resuming and the re-establishment of a reliable record of payments, Genel suspended its dividend programme at the half-year results.

Relevance to strategy

Genel’s strategy aims to increase low-cost production, invest in growth, and retain sufficient liquidity to pay a material and sustainable dividend. Dividend distributions are therefore a signifier of the success of Genel’s overall strategy.

 

Net production

0 bopd

2023

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2022

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2021

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2020

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2019

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Definition

Production is measured in barrels of oil produced per day.

Performance

Genel’s production was robust in Q1 2023 and in line with our guidance of 27-29,000 bopd. Following the closure of the Iraq- Türkiye pipeline on 25 March 2023, production was shut in at all producing fields once the limited storage capacity was used. Production for the local market resumed from the Tawke field in Q3, and gross production reached 65,780 bopd in the final quarter of 2023.

Relevance to strategy

Production from our fields provides Genel’s revenue generation, and is a key measure of our operational performance. Our oil production in the KRI is managed to ensure long-term value creation and maximise cash generation, with production maximised over the life of the field.

free cash flow

$ 0 Million

2023

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2022

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2021

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2020

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2019

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Definition

Cash flow generated from operating activities, less net capital expenditure and interest payments.

Performance

Cash generation in 2023 suffered from the closure of the ITP, and the lack of a route to export sales and international pricing. Total proceeds in the year were $102 million, with only two payments relating to export sales received in Q1 prior to the closure of the pipeline. Expenditure was reduced materially, while local sales from the Tawke licence helped to more than cover operational costs from the licence in Q4. Given the cost reductions achieved, and with the expectation of ongoing local sales, Genel expects to be free cash flow neutral from the end of Q1 2024.

Relevance to strategy

Production from operating activities forms Genel’s revenue generation. Net cash illustrates the success of monetisation of these activities, reflecting both money received and the minimisation of operating costs.

Lost time incidents

2023

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2022

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2021

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2020

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2019

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Definition

Lost time incident frequency measures the number of lost time incidents per million work hours.

Performance

Genel strives for safe operations with zero lost time injuries (‘LTI’), and this goal was achieved in 2023, matching the performance of 2022. There have now been well over four million hours worked since the last incident.

Relevance to strategy

The safety of our workforce remains of paramount importance. Genel is committed to running safe and reliable operations across our portfolio, aiming at zero fatalities and no lost time incidents.

SPILLS – LOSS OF PRIMARY CONTAINMENT

0 Frequency

2023

target

2022

target

2021

target

2020

target

2019

target

Definition

Loss of primary containment records any tier 1 unplanned or uncontrolled release of material from a piece of equipment (such as a pipe, vessel, or tank) used for containment of potentially harmful or hazardous substances and products.

Performance

There were zero incidents of losses of primary containment in 2023, and it is now six years since our last incident.

Relevance to strategy

Part of our commitment to being a sustainable business is for the impact on the environment around our operations to be minimised. Asset integrity is a major priority for Genel and we plan and execute the operations of our business and our engagement of subcontractors so as to minimise risk and mitigate potential impact.

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